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Two banks drop McKinsey in fallout from South Africa scandal


Barclays Africa and Standard Bank said on Monday they would stop working with McKinsey, a further blow to the global consultancy as it faces allegations of bribery for work done with friends of South African President Jacob Zuma. Privately-held McKinsey, the world’s largest management consultancy, has denied doing anything illegal but said this month that it was embarrassed by mistakes ...

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South Africa’s NUM union threatens strike in coal sector


South Africa’s National Union of Mineworkers (NUM) said on Tuesday its coal workers will embark on a strike if the Chamber of Mines does not meet its wage demands. A strike in the coal sector could affect power supply as the lion’s share of electricity in Africa’s most industrialised economy is generated from coal. The mining sector has in the ...

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AfDB strongly supports Nigerian Government’s economic recovery efforts

The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, September 16, 2016. REUTERS/Luc Gnago

The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott. The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and salutes the Government’s efforts towards diversification of the ...

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Egypt: London Stock Exchange Group Discusses New Ways to Support Egypt Economy


A delegation from the London Stock Exchange (LSE) Group wrapped up a two-day visit to Cairo that was aimed at supporting EGX’s development and connecting the Egyptian government and companies to London markets – one of the world’s most powerful source of international investor capital. The London Stock Exchange is one of the world’s oldest stock exchanges, and can trace ...

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Shortage fears loom as supply of cheap maize flour dwindles


Reduced supply of subsidised maize flour has hit supermarkets days to the end of the subsidy scheme, raising fears of shortages. Some supermarkets did not have flour on Friday while others had only stocked one brand on reduced supplies of the Sh90 a packet flour. This has raised the likelihood of shortages and rationing of the subsidised staple food amid ...

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US firm in Sh450m outlay for Nairobi condom-making plant


American investment firm Restance Inc is set to sink Sh450 million to establish a condom-making plant in Kenya. The firm will invest through East African Development Partners LLC, which it acquired 100 per cent in exchange for five million shares of Restance Inc. The shares were on Friday trading at Sh9 on the OTCMKTS, an over-the-counter exchange. An investors’ brief ...

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Kenya: Equity posts 3pc drop in net profit


Equity Bank is looking to transactions income and regional subsidiaries to grow its earnings as the cap on the cost of loans and a charged political environment cut its interest income and shaved its profit for the nine months to September. The largest bank by customer base Monday reported a three percent drop to Sh14.6 billion in third-quarter after-tax profit ...

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SA’s Medium-term budget highlights


In a press conference with media ahead of the release of the Medium Term Budget Policy framework, South Africa’s Finance Minister Malusi Gigaba said it aimed to be as candid as possible about the dire situation South Africa finds itself in. Below are the highlights. Economic outlook is dire 2017 Economic growth revised downwards from 1.3% to 0.7%. Growth expected ...

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SA’s 27% unemployment tops spending priorities-MTBPS


Job creation, which has escalated to an alarming all-time high of 27 percent, and small business development top the list of South Africa’s spending priorities. This is contained in the Medium Term Budget Policy Statement (MTBPS), delivered by the country’s Finance Minister, Malusi Gigaba, in Cape Town this afternoon. The MTBPS states that Cabinet approved a Mandate Paper in August ...

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Kenya: 47pc of factories to shed jobs over election jitters


Half of Kenya manufacturers plan to shed jobs on reduced orders and sales linked to jitters over the prolonged electioneering period and tension over the October 26 repeat presidential poll, a new survey reveals. Kenya Association of Manufacturers’ 3rd Quarter Barometer says that 47 per cent of the industries plan to shed jobs over the next six months following lower ...

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